Home-Flippers Halt Trips To Home Depot, Now Shopping at Wal-Mart

Wal-Mart’s net income climbed 9.8 percent… Home Depot, the world’s largest home-improvement retailer, slumped 28 percent…” – Bloomberg, February 20, 2007

“Flipping, overall, is down everywhere” – Orlando Sentinel, February 15, 2007

“For all of 2006, one in four flippers lost money” – Bloomberg, February 5, 2007

Chicken Smith View:

The headlines pretty much sum it up. Do you hear that? That’s the loud hiss of the housing bubble deflating and soon to take the rest of the economy along with it. I’m sure many of these professional (and amateur) home flippers have massive credit card bills that will never see a zero balance again. When money is short and times are tough, then you know it’s time to shop where you get the most bang for your buck.

These are probably all the same people who keep thinking there’s nothing wrong with our bubble economy. Many must take comfort in knowing they’re not alone. However, it can’t be much comfort to know everyone else is weighing down the same sinking ship that you’re on.

Here’s a link to a Forbes article to help keep you up at night. As if you needed any help!

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s

%d bloggers like this: